World Class Extractions Reports Operating and Financial Results for the Nine-Month Period Ended January 31, 2021
World-Class continues to show substantial revenue growth quarter-over-quarter with revenue of $2,649,140 for the quarter ended January 31, 2021 compared to revenue of $75,562 for the quarter ended January 31, 2020
- Revenue of $2,649,140 for the quarter ended January 31, 2021 compared to $2,289,799 for the quarter ended October 31, 2020 and $75,562 revenue for the quarter ended January 31, 2020 – a 2,653% revenue growth from January 2020 to January 2021. The increase in revenue is primarily attributable to the operations of PED.
- Gross margin for the quarter ended January 31, 2021 was 27%, consistent with the gross margin figure for the month of January 2021 reported in the Company’s news release dated March 2, 2021, but down slightly from the gross margin figures reported for the individual months of November and December 2020.
- The Company had cash at January 31, 2021 of $3,017,799 (April 30, 2020 – $5,632,160).
- Working capital as at January 31, 2021 is $911,231.
- The Company has long-term debt consisting of $819,216 in non-current portion of lease obligations and $92,061 in non-current loans payable.
- The net loss and comprehensive loss for the three months ended January 31, 2021 was $626,878 (as compared to January 31, 2020 of $33,144,218). The loss for the three-month quarter ended January 31, 2021 (with comparisons for the quarter ended January 31, 2020) is mainly attributed to the following:
- depreciation and amortization expense of $157,600 (2020 – $775,844), consulting fees of $8,500 (2020 – $132,102),; filing fees of $25,592 (2020 – $26,075); development and research expenses of $97,600 (2020 – $830,180); lease interest of $66,151 (2020 – $42,348); office expense of $140,684 (2020 – $156,933); professional fees of $166,328 (2020 – $195,315); management fees of $55,500 (2020 – $57,675), remuneration and benefits of $544,140 (2020 – $640,550); share-based payments of $11,865 (2020 – $241,131) and impairment loss of $Nil (2020 – 29,364,656)
Company Summary and Highlights
Pineapple Express Delivery Inc.
World-Class holds a controlling interest in Pineapple Express Delivery Inc. (“PED“), a company which offers compliant and secure delivery of government regulated products, including medical and recreational cannabis in Ontario, Manitoba and Saskatchewan, and liquor delivery in certain jurisdictions in Saskatchewan.
Since the Company’s acquisition of a controlling interest in PED, PED has achieved the following milestones:
- A total of 580,732 cannabis and alcohol deliveries for the nine months ended January 31, 2021 were made. The fluctuations in deliveries quarter over quarter are due to the COVID-19 lockdown measures put in place in the Greater Toronto Area with volumes increasing during these lockdowns. Total deliveries per quarters: 209,676 – three months ended January 31, 2021, 181,569 – three months ended October 31, 2020 and 189,487 – three months ended July 31, 2020.
- The number of drivers changed from 55 at the beginning of 2020, to approximately 190 by the end of July 31, 2020, 180 by October 31, 2020 and 200 by January 31, 2021. Efficiencies have also been created by routing deliveries through hub expansions and concentrating drivers to tighter geographical areas, leading to less hours used by drivers for the timely delivery of packages.
- Offering same day cannabis delivery service in 37 cities (183 postal code regions) and 3-day service in 65 cities (288 postal code regions) in Ontario, PED expanded cannabis delivery services to Ottawa, Barrie, Kingston, London, and the Windsor/Chatham region.
- Expanded liquor delivery services to provide same-day and next-day delivery of wine, spirits and beer products from Saskatoon Co-op’s Wine-Spirits-Beer retail stores in Saskatoon, Warman and Martensville.
- Partnered with Medical Cannabis by Shoppers™ to offer same-day delivery to their medical cannabis patients in cities in and around the Greater Toronto Area (GTA).
- Partnered with Spectrum Therapeutics, the medical division of Canopy Growth Corporation to bring same-day delivery to medical cannabis patients in the GTA.
- Partnered with CannTrust Inc. to provide deliveries for estoraTM medical cannabis products to CannTrust patients in Ontario, under the name “Trust Delivery – Powered by Pineapple Express”.
- Several contracts in place with Health Canada license holders for delivery within select provinces in Canada (B2B cannabis delivery services).
- Late-stage applicant to Health Canada to obtain a ‘Sale for Medical Purposes’ license for its facility located in the GTA. With a population of 6-million people, this sales license gives PED the ability to store inventory for other license holders, allowing PED to leverage its facility in the GTA and offer same day delivery services to the patients of those LPs.
The Company cautions that figures for revenue, gross margin, and number of deliveries generated from the services offered by Pineapple Express Delivery have not been audited beyond April 30, 2020 and any monthly updates are based on calculations prepared by the Company and management of Pineapple Express Delivery. Actual results may differ from those reported in this release once figures have been audited.
The Company’s subsidiary, Soma Labs Scientific Inc. (“Soma“), has focused on production, quality and compliance of systems, technologies, processes and procedures for cannabis and hemp extraction and processing, including the BOSS CO2 Extraction System and the BEAST Ethanol Extraction System. World-Class continues to focus on monetizing its Soma Labs’ assets, including the extraction and processing systems, technology and processes to produce cannabis and hemp concentrates and end-products.
Patent Applications and Information
The Company has previously filed, and will continue to file, patent applications directed to its proprietary systems and methods for producing cannabis and hemp extracts. Such systems and methods are believed to be novel and non-obvious, based on the ability of the World-Class Technologies to produce extracts that have substantially greater concentrations of target cannabinoids and possess minimal contaminants. Additional advantages of the World-Class Technologies include the ability to process very large volumes of cannabis and hemp plant material.
The United States Patent and Trademark Office (“USPTO“) has awarded the Company the following U.S. Patents:
- U.S. Patent No. 10,851,077, issued on December 1, 2020 in relation to the Company’s methods for extracting and concentrating cannabinoids and other target compounds from cannabis using ultrasound-enhanced solvent extraction. WCE’s patented plant processing technology allows for prompt cannabinoid extraction following harvest, including the root and all other parts of the hemp plant and further utilizes ethanol for extraction, as opposed to the use of toxic hydrocarbon solvents. WCE’s patented process additionally uses precisely focused ultrasound to release cannabinoids from the hemp plant that produces CBD yields that are believed to be among the highest in the industry while also minimizing biomass waste and solvent usage.
- U.S. Patent No. 10,946,306, issued on March 16, 2021 in relation to the Company’s methods for the systematic extraction and concentration of cannabinoids and other target compounds via solvent extraction from large scale harvests of cannabis and hemp crops. World-Class’ patent process minimizes energy consumption, conserves the volume of solvent utilized in the extraction process, and maximizes the quantity of cannabinoids sought to be extracted on a large-scale, commercial basis, than other known cannabinoid extraction techniques.
These patents continue to supplement World-Class’ goal to achieve the most sustainable, efficient, and economical method of large-scale commercial production of cannabis plant material.
Update regarding Cobra Ventures & HydRx Farms Debenture Investment
During the period ended January 31, 2021, World-Class provided a $2.5M loan to Cobra Ventures Inc. (“Cobra“) with respect to a debenture purchase of HydRx Farms Ltd. operating as Scientus Pharma(“HydRx“). World-Class subsequently sold its 50% interest in Cobra to the remaining shareholder of Cobra, the sale of which included the receipt of all funds ($2.5 million) previously advanced by World-Class to Cobra. The World-Class loan was paid out in full, and World-Class has no further interest in Cobra and no ongoing role or involvement with HydRx or the HydRx debenture.
World-Class is an innovation-driven company with a principle focus on the rapidly evolving cannabis and hemp industries. World-Class offers compliant and secure delivery of government regulated products through its subsidiary Pineapple Express Delivery Inc., including medical and recreational cannabis in Ontario, Manitoba and Saskatchewan, and liquor delivery in certain jurisdictions in Saskatchewan. World-Class continues to investigate opportunities to deploy and manage custom-built extraction centres utilizing its custom systems, technology, and processes to efficiently produce high-quality cannabis and hemp concentrates and end-products.
Neither the Canadian Securities Exchange nor its Regulation Service Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this press release, which has been prepared by management of the Company.
Cautionary Note Regarding Forward-Looking Statements
All statements in this press release, other than statements of historical fact, are “forward-looking information” with respect to the Company within the meaning of applicable securities laws, including with respect to the deployment of extraction and processing systems for cannabis and hemp and the ability of Pineapple Express Delivery to expand its delivery services and to provide discrete shipment of products. The Company provides forward-looking statements for the purpose of conveying information about current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited those identified and reported in the Company’s public filings under the Company’s SEDAR profile at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.
SOURCE: World-Class Extractions Inc.
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World Class Extractions
Curaleaf Holdings, Inc. (CSE: CURA OTCQX: CURLF) (“Curaleaf” or the “Company”) a leading international provider of consumer products in cannabis, today announced that it will report its financial and operating results for the first quarter ended March 31, 2021 after market close on May 10, 2021 .
Management will host a conference call and audio webcast that evening at 5:00 p.m. ET consisting of prepared remarks followed by a question and answer session related to the Company’s operational and financial highlights.
Curaleaf First Quarter 2021 Financial Results Conference Call
Monday, May 10, 2021
5:00 p.m. ET
+1-888-317-6003 (U.S.), +1-866-284-3684 (Canada) or +1-412-317-6061 (Int’l)
For interested individuals unable to join the conference call, a dial-in replay of the call will be available until May 17, 2021 and can be accessed by dialing +1-877-344-7529 (U.S.), +1-855-669-9658 ( Canada ) or +1-412-317-0088 (International) and entering replay pin number: 10155488.
About Curaleaf Holdings
Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) (“Curaleaf”) is a leading international provider of consumer products in cannabis with a mission to improve lives by providing clarity around cannabis and confidence around consumption. As a high-growth cannabis company known for quality, expertise and reliability, the Company and its brands, including Curaleaf and Select, provide industry-leading service, product selection and accessibility across the medical and adult-use markets. In the United States , Curaleaf currently operates in 23 states with 105 dispensaries, 23 cultivation sites and over 30 processing sites, and employs over 4,600 team members. Curaleaf International, is the largest vertically integrated independent cannabis company in Europe with a unique supply and distribution network throughout the European market, bringing together pioneering science and research with cutting-edge cultivation, extraction and production. Curaleaf is listed on the Canadian Securities Exchange under the symbol CURA and trades on the OTCQX market under the symbol CURLF. For more information, please visit https://ir.curaleaf.com .
Curaleaf Holdings, Inc.
Carlos Madrazo , SVP IR & Capital Markets
Tracy Brady , VP Corporate Communications
SOURCE Curaleaf Holdings, Inc.
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Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) (“Trulieve” or “the Company”), a leading and top-performing cannabis company based in the United States announced today the opening of two new stores, the Company’s 85 th and 86 th nationwide to commemorate the 50 th anniversary of 420, the holiday recognizing cannabis culture.
The new Florida dispensaries, the Company’s 80 th and 81 st in the state, located in Eustis and Palm Beach Gardens , further demonstrate Trulieve’s goal of ensuring direct, reliable access to medical cannabis across its home state.
In addition to promotions happening in-stores and online, partner representatives from Blue River , Black Tuna, SLANG Worldwide, and Sunshine Cannabis will be at the Palm Beach Gardens location. Select brand representatives will also be available at the Eustis opening.
In honor of the Company’s newest dispensaries, all patients — from those new to Trulieve to the dedicated Truliever community — will be eligible for a 25% in-store discount at the Palm Beach Gardens and Eustis dispensaries on opening day.
“It’s great to be celebrating 50 years of 420 in the cannabis community today. We’ve come a long way,” said Trulieve CEO Kim Rivers . “Medical cannabis has brought comfort and relief to so many patients, and we’re excited to celebrate an event that has such a huge cultural significance. The positive impact on communities and individuals by medical cannabis cannot be fully quantified. Trulieve is grateful to provide these resources to our patients and customers and be an integral part of the changing community.”
ANNOUNCING : Trulieve Palm Beach Gardens Grand Opening
WHERE : 3555 Northlake Blvd, Suites 14099 and 14103, Palm Beach Gardens, FL 33403
WHEN : Tuesday, April 20, 2021 , at 9:00 a.m.
ANNOUNCING : Trulieve Eustis Grand Opening
WHERE : 2901 S. Bay St, Eustis, FL 32726
WHEN : Tuesday, April 20, 2021 , at 9:00 a.m.
In stores and online, patients will find Florida’s largest selection of THC and CBD products in a variety of delivery methods, including edibles, smokable cannabis, concentrates, tinctures, topical creams, vaporizers, and more. Trulieve also offers home delivery statewide for patients and convenient in-store pickup at each of its dispensaries in Florida .
To assist patients with ordering, Trulieve has made the entire catalog of products available for online ordering, with in-store pickup and statewide home delivery options available. Patients can schedule a complimentary 30-minute virtual consultation with a Trulieve certified consultant to help navigate questions on products, devices, or review their doctor’s recommendation.
All visitors are required to wear masks for the duration of their dispensary visit. Only patients and their state-approved caregivers will be allowed inside the waiting room and dispensary at this time.
The Office of Medical Marijuana Use recently announced the registry has surpassed 530,000 registered medical marijuana patients with an active ID card, with Trulieve consistently selling approximately half of the state’s overall volume per the Florida Department of Health. To support the state’s rapidly growing patient base, there are over 2,400 registered ordering physicians in the State of Florida .
For more information, please visit www.Trulieve.com .
Trulieve is primarily a vertically integrated “seed-to-sale” company in the U.S. and is the first and largest fully licensed medical cannabis company in the State of Florida . Trulieve cultivates and produces all of its products in-house and distributes those products to Trulieve-branded stores (dispensaries) throughout the State of Florida , as well as directly to patients via home delivery. Trulieve also has operations in California , Massachusetts , Connecticut and Pennsylvania. Trulieve is listed on the Canadian Securities Exchange under the symbol TRUL and trades on the OTCQX market under the symbol TCNNF .
To learn more about Trulieve, visit www.Trulieve.com .
SOURCE Trulieve Cannabis Corp.
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CANBUD Distribution Corp. (CSE:CBDX, FSE:CD0) leverages on timely and methodical execution of its revenue generating plan. It operates a trinitarian enterprise model in the plant-based protein, psychedelic pharmaceutical and non-psychedelic nutraceutical, and hemp cannabinoids (CBD) spaces. (www.canbudcorp.com).
The company’s vision and mission is to become a world leader in science and technological innovations through plant and mushroom-based disruptive wellness and environmental solutions.
MISSISSAUGA, Ontario TheNewswire – April 19, 2021 Sire Bioscience Inc. (CSE:SIRE) (OTC:BLLXF) (FSE:BR1B) (CNSX:SIRE.CN) (“ SIRE ” or the “ Company ”) is pleased to announce that, in addition to Purple K, Canada’s top selling creatine pills, the Company’s wholly owned subsidiary, Fusion Nutrition Inc. (“ Fusion ”) in the coming 12 weeks will be launching 3 new creatine products:
– Purple K powder
– Purple K PURE capsule
– Purple K PURE powder
Brian Polla, CEO, COO and a director of the Company commented: “ For the first time under new management Fusion is shipping and selling products directly from the United States. This presents us with a significant potential new client base. This is the first country that we have opened, outside of Canada. Based on the market research we have conducted; we expect strong success with the launch of these new products”.
The Canadian Securities Exchange (“CSE”) has neither approved nor disapproved the contents of this news release. Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
About Sire Bioscience
SIRE is headquartered in Mississauga, Ontario, and is managed by a group of successful entrepreneurs who have extensive experience in the areas of consumer-packaged goods, manufacturing, logistics, and distribution. SIRE is a CPG life science company focused on the plant-based foods and supplements industry.
For additional information contact:
Sire Bioscience Inc.
Forward‐Looking Information Cautionary Statement
This press release may contain certain “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian securities legislation. All information contained herein that is not historical in nature may constitute forward-looking information. Forward-looking statements may be identified by statements containing the words “believes”, “anticipates”, “plans”, “intends”, “will”, “should”, “expects”, “continue”, “estimate”, “forecasts” and other similar expressions. Forward-looking statements herein include, but are not limited to, statements expectations of management’s focus on and growth expectations of the Fusion product lines and the Company’s business and strategic plans. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements. SIRE undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of SIRE, its securities, or financial or operating results (as applicable). Although SIRE believes that the expectations reflected in forward-looking statements in this press release are reasonable, such forward-looking statement has been based on expectations, factors and assumptions concerning future events which may prove to be inaccurate and are subject to numerous risks and uncertainties, certain of which are beyond SIRE’s control, including the risk factors discussed in SIRE’s Listing Statement dated August 22, 2019 which is available on SIRE’s SEDAR profile at www.sedar.com . The forward-looking information contained in this press release is expressly qualified by this cautionary statement and are made as of the date hereof. SIRE disclaims any intention and has no obligation or responsibility, except as required by law, to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.
Copyright (c) 2021 TheNewswire – All rights reserved.
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BevCanna’s Naturo Group Signs Exclusive Distribution Agreement for TRACE in Japan and the Philippines
Market entry will address pent-up demand in the Japanese & Philippine markets for TRACE proprietary plant-based mineral formulation and wellness-focused products
Emerging leader in innovative health and wellness beverages and natural products, BevCanna Enterprises Inc. ( CSE:BEV , Q:BVNNF , FSE:7BC ) (“ BevCanna ” or the “ Company ”) announces today that has entered into an exclusive sales agency distribution agreement with Yokohama-based Mirai Marketing Inc. (“Mirai”) to bring Naturo Group’s TRACE proprietary plant-based mineral consumer products to Mirai’s extensive Japanese and Philippine sales and distribution networks.
Mirai will assist BevCanna with their entry into the new markets, providing connections to established companies with robust distribution networks. Mirai has significant knowledge and relationships in the wellness products market and has facilitated over $100M in transactions with some of Asia’s largest trading companies and retail chains. The well-known distributor will leverage this extensive experience to rapidly scale the TRACE brand throughout the territories. The initial term of the agreement will be two years, with exclusivity subject to a minimum net revenue of C$1.0M over the course of the term and incentives to reach over C$5.0M during the term.
“We’re in active discussions with a number of distributors, wholesalers, trading companies and retailers to determine the best fit for the TRACE brand in the Japanese and Philippine markets,” said Melise Panetta, President of BevCanna. “Japanese consumers in particular are very health-conscious, and prospective partners have confirmed that the wellness benefits of our TRACE portfolio will be very appealing to this demographic.”
With over 40 years of experience working with some of Asia’s largest corporations, Mirai Marketing was founded by a team of Canadian and Japanese principals who have extensive experience in international sales, management and project development in a range of industries. Mirai is actively focusing on expanding sales of Naturo Group’s beverage and natural wellness products throughout Asia.
“We’re very excited to represent the TRACE products in the Japanese and Philippine marketplaces,” said Hideaki Sakuma, COO of Mirai. “We’ve seen an incredible growth in the demand for wellness-focused products by Asian consumers in recent years and an eagerness to participate in the evolution of health products. The TRACE line is certain to be a strong performer in this emerging market.”
About BevCanna Enterprises Inc.
BevCanna Enterprises Inc. ( CSE:BEV , Q:BVNNF , FSE:7BC ) is a diversified health & wellness, beverage and natural products company. BevCanna develops and manufactures a range of plant-based and cannabinoid beverages and supplements for both in-house brands and white-label clients.
With decades of experience creating, manufacturing and distributing iconic brands that resonate with consumers on a global scale, the team demonstrates an expertise unmatched in the nutraceutical and cannabis-infused beverage categories. Based in British Columbia, Canada, BevCanna owns a pristine alkaline spring water aquifer and a world–class 40,000–square–foot, HACCP certified manufacturing facility, with a bottling capacity of up to 210M bottles annually. BevCanna’s extensive distribution network includes more than 3,000 points of retail distribution through its market-leading TRACE brand, its Pure Therapy natural health and wellness e-commerce platform, its fully licensed Canadian cannabis manufacturing and distribution network, and a partnership with #1 U.S. cannabis beverage company Keef Brands .
On behalf of the Board of Directors:
John Campbell, Chief Financial Officer and Chief Strategy Officer
Director, BevCanna Enterprises Inc.
Disclaimer for Forward-Looking Information
This news release contains forward-looking statements. All statements, other than statements of historical fact that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future are forward-looking statements. Forward-looking statements in this news release include statements regarding: the Company’s agreement with Mirai, including the potential benefits thereof; the Japanese market for TRACE products and that the Company’s products will be very appealing to Japanese consumers; that there has been incredible growth in the demand for wellness-focused products by Japanese consumers in recent years and an eagerness to participate in the evolution of health products; that the TRACE line is certain to be a strong performer in this emerging market; and other statements regarding the business plans of the Company. The forward-looking statements reflect management’s current expectations based on information currently available and are subject to a number of risks and uncertainties that may cause outcomes to differ materially from those discussed in the forward-looking statements.
Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, undue reliance should not be put on such statements due to their inherent uncertainty. Factors that could cause actual results or events to differ materially from current expectations include, among other things: general market conditions; changes to consumer preferences; volatility of commodity prices; future legislative, tax and regulatory developments; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; the inability to implement business strategies; competition; currency and interest rate fluctuations; inability to successfully negotiate and enter into commercial arrangements with other parties; and other factors beyond the control of the Company and its commercial partners. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law, and the Company does not assume any liability for disclosure relating to any other company mentioned herein.
Stock Option Grant
In connection with the sales agency distribution agreement with Mirai, the Company has granted (the “Grant”) an aggregate of 1,000,000 stock options (each, an “Option”) to purchase up to 1,000,000 common shares of the Company to Mirai. The Options granted vest upon the achievement of certain sales performance milestones and are exercisable for a period of 25 months from the date of Grant at a price of $1.50 per common share.
None of the securities acquired in the Grant will be registered under the United States Securities Act of 1933, as amended (the “1933 Act”), and none of them may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act. This news release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of the securities in any state where such offer, solicitation, or sale would be unlawful.
For media enquiries or interviews:
Wynn Theriault, Thirty Dash Communications Inc.
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